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Plan for Swissair's Crossair Unit
Draws Skepticism From Critics

By

Paulo Prada and

Daniel MichaelsStaff Reporters of The Wall Street Journal

Updated Oct. 5, 2001 12:01 a.m. ET

Swissair resumed some flights on Thursday, but the airline and its bankers now face the daunting task of carrying out a complex and controversial bankruptcy plan for its parent company, Swissair Group.

The plan, hammered together in the days before Swissair Group filed for bankruptcy protection on Tuesday, is drawing some skepticism from airline-industry observers and Swiss legal experts. Immediately before filing for bankruptcy protection, Swissair agreed to sell its stake in regional carrier Crossair to banks UBS AG and Credit...